JPMorgan Chase & Co. Issues Positive Forecast for Fortinet (NASDAQ:FTNT) Stock Price

Fortinet (NASDAQ:FTNT) had its price objective lifted by JPMorgan Chase & Co. from $99.00 to $105.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the software maker’s stock.

FTNT has been the topic of several other reports. Cantor Fitzgerald upped their price objective on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Royal Bank of Canada upped their target price on Fortinet from $82.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Fortinet from $77.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday, November 19th. Barclays lifted their target price on shares of Fortinet from $85.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday, November 8th. Finally, Rosenblatt Securities upped their price target on Fortinet from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $90.43.

Fortinet Price Performance

Shares of FTNT opened at $98.16 on Monday. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The company’s fifty day moving average price is $88.79 and its 200-day moving average price is $74.54. The firm has a market capitalization of $75.24 billion, a PE ratio of 49.58, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. Fortinet has a 1-year low of $54.57 and a 1-year high of $100.59.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the acquisition, the director now directly owns 150,245 shares of the company’s stock, valued at approximately $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Keith Jensen sold 17,650 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $95.66, for a total value of $1,688,399.00. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares of the company’s stock, valued at $448,549.74. This trade represents a 79.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,745 shares of company stock worth $5,746,974 in the last ninety days. 18.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FTNT. Eagle Capital Management LLC grew its position in Fortinet by 2.2% in the 2nd quarter. Eagle Capital Management LLC now owns 25,631 shares of the software maker’s stock valued at $1,545,000 after buying an additional 544 shares during the last quarter. Raymond James & Associates lifted its position in shares of Fortinet by 6.3% in the second quarter. Raymond James & Associates now owns 517,899 shares of the software maker’s stock valued at $31,214,000 after acquiring an additional 30,576 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Fortinet by 8.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 141,637 shares of the software maker’s stock valued at $8,536,000 after purchasing an additional 11,476 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Fortinet by 4.2% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 177,401 shares of the software maker’s stock worth $10,692,000 after acquiring an additional 7,128 shares during the last quarter. Finally, Pallas Capital Advisors LLC boosted its holdings in shares of Fortinet by 300.1% during the second quarter. Pallas Capital Advisors LLC now owns 12,544 shares of the software maker’s stock worth $729,000 after purchasing an additional 9,409 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

About Fortinet

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.